POST UTME RSU 2023 Accounting | Objective

Are you preparing for POST UTME RSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2023 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years. The machine is depreciated using the straight-line method.
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

Correct Answer: A

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Question 2
A company has two partners, A and B, who share profits and losses in the ratio 3:2. If the company makes a profit of ₦150,000, how much will A receive?
Correct A. ₦135,000
B. ₦120,000
C. ₦110,000
D. ₦130,000

Correct Answer: A

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Question 3
A company's trial balance shows the following balances: Accounts Payable ₦80,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's net income?
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

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Question 4
A company uses the perpetual inventory system. On January 1, it had 500 units of inventory with a cost of ₦10 per unit. During the year, 200 units were sold, and 100 units were purchased at ₦12 per unit. What is the cost of goods sold?
Correct A. ₦2,200
B. ₦2,500
C. ₦2,800
D. ₦3,000

Correct Answer: A

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Question 5
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Receivable ₦80,000, Inventory ₦150,000. What is the company's total current assets?
Correct A. ₦280,000
B. ₦300,000
C. ₦320,000
D. ₦340,000

Correct Answer: A

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Question 6
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at par after 5 years. Calculate the amount of discount on the debentures.
A. ₦500,000
B. ₦1,000,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 7
From the following trial balance, prepare a balance sheet for XYZ Ltd.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦2,500,000
D. ₦3,000,000

Correct Answer: C

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Question 8
A company's trial balance shows a discrepancy of ₦10,000. The accountant suspects that the discrepancy is due to an error in the journal entry for the purchase of a machine. The machine was purchased for ₦50,000 and the accountant has made an error in the journal entry. Prepare the correct journal entry.
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 9
A company issues 5,000 10% preference shares of ₦10 each at a premium of 20%. Calculate the amount of premium on the shares.
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 10
A company's balance sheet shows a current liability of ₦50,000. The accountant suspects that the liability is due to an error in the journal entry for the purchase of a machine. The machine was purchased for ₦50,000 and the accountant has made an error in the journal entry. Prepare the correct journal entry.
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 11
In a public sector accounting system, what is the primary objective of the accounting process?
Correct A. To provide financial information for decision-making
B. To ensure compliance with accounting standards
C. To facilitate the preparation of financial statements
D. To provide a framework for budgeting and forecasting

Correct Answer: A

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Question 12
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | 200 | | | 4 Jan | Bank | | 300 | What is the balance in the cash account at the end of the month?
Correct A. ₦1200
B. ₦1000
C. ₦200
D. ₦500

Correct Answer: A

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Question 13
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Accounts Payable | 200 | | | Sales Revenue | | 300 | What is the balance in the accounts payable account?
Correct A. ₦200
B. ₦500
C. ₦1000
D. ₦300

Correct Answer: A

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Question 14
A partnership has the following capital accounts: | Partner | Capital | Drawing | | --- | --- | --- | | A | 1000 | 200 | | B | 800 | 300 | | C | 600 | 400 | What is the total capital of the partnership?
Correct A. ₦2400
B. ₦2800
C. ₦3000
D. ₦3200

Correct Answer: A

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Question 15
A company has the following bank reconciliation statement: | Date | Debit | Credit | | --- | --- | --- | | 1 Jan | 1000 | | | 2 Jan | | 500 | | 3 Jan | 200 | | | 4 Jan | | 300 | What is the balance in the bank account at the end of the month?
Correct A. ₦1200
B. ₦1000
C. ₦200
D. ₦500

Correct Answer: A

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Question 16
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | 200 | | | 4 Jan | Bank | | 300 | What is the balance in the bank account at the end of the month?
Correct A. ₦1200
B. ₦1000
C. ₦200
D. ₦500

Correct Answer: A

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Question 17
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Accounts Payable | 200 | | | Sales Revenue | | 300 | What is the balance in the accounts payable account?
Correct A. ₦200
B. ₦500
C. ₦1000
D. ₦300

Correct Answer: A

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Question 18
A partnership has the following capital accounts: | Partner | Capital | Drawing | | --- | --- | --- | | A | 1000 | 200 | | B | 800 | 300 | | C | 600 | 400 | What is the total capital of the partnership?
Correct A. ₦2400
B. ₦2800
C. ₦3000
D. ₦3200

Correct Answer: A

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Question 19
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method, if the machine is sold for ₦60,000 after 3 years.
A. ₦24,000
Correct B. ₦30,000
C. ₦36,000
D. ₦40,000

Correct Answer: B

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Question 20
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales Revenue | ₦0 | ₦20,000 | | Cost of Goods Sold | ₦8,000 | ₦0 | | Total | ₦18,000 | ₦35,000 | What is the correct journal entry to record the sale of goods on credit to a customer for ₦12,000?
A. Debit Sales Revenue ₦12,000, Credit Accounts Receivable ₦12,000
B. Debit Cost of Goods Sold ₦12,000, Credit Sales Revenue ₦12,000
C. Debit Sales Revenue ₦12,000, Credit Cash ₦12,000
Correct D. Debit Accounts Receivable ₦12,000, Credit Sales Revenue ₦12,000

Correct Answer: D

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Question 21
A manufacturing company has the following production costs: | Cost | Quantity | | --- | --- | | Direct Materials | ₦10,000 | 100 units | | Direct Labor | ₦8,000 | 80 hours | | Factory Overhead | ₦12,000 | 120 hours | What is the total production cost per unit?
A. ₦0.10 per unit
Correct B. ₦0.12 per unit
C. ₦0.15 per unit
D. ₦0.18 per unit

Correct Answer: B

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Question 22
A company has the following balance sheet: | Asset | Liability | Equity | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales Revenue | ₦0 | ₦20,000 | | Cost of Goods Sold | ₦8,000 | ₦0 | | Total | ₦18,000 | ₦35,000 | What is the correct accounting equation?
Correct A. Assets = Liabilities + Equity
B. Assets - Liabilities = Equity
C. Liabilities - Assets = Equity
D. Equity - Liabilities = Assets

Correct Answer: A

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Question 23
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales Revenue | ₦0 | ₦20,000 | | Cost of Goods Sold | ₦8,000 | ₦0 | | Total | ₦18,000 | ₦35,000 | What is the correct journal entry to record the sale of goods on credit to a customer for ₦12,000?
A. Debit Sales Revenue ₦12,000, Credit Accounts Receivable ₦12,000
B. Debit Cost of Goods Sold ₦12,000, Credit Sales Revenue ₦12,000
C. Debit Sales Revenue ₦12,000, Credit Cash ₦12,000
Correct D. Debit Accounts Receivable ₦12,000, Credit Sales Revenue ₦12,000

Correct Answer: D

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Question 24
A manufacturing company has the following production costs: | Cost | Quantity | | --- | --- | | Direct Materials | ₦10,000 | 100 units | | Direct Labor | ₦8,000 | 80 hours | | Factory Overhead | ₦12,000 | 120 hours | What is the total production cost per unit?
A. ₦0.10 per unit
Correct B. ₦0.12 per unit
C. ₦0.15 per unit
D. ₦0.18 per unit

Correct Answer: B

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Question 25
A company has the following balance sheet: | Asset | Liability | Equity | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales Revenue | ₦0 | ₦20,000 | | Cost of Goods Sold | ₦8,000 | ₦0 | | Total | ₦18,000 | ₦35,000 | What is the correct accounting equation?
Correct A. Assets = Liabilities + Equity
B. Assets - Liabilities = Equity
C. Liabilities - Assets = Equity
D. Equity - Liabilities = Assets

Correct Answer: A

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